Quick commerce platform Dunzo lays off 30% of its workforce
The investment was led by Reliance Retail Ventures, with participation from existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital.
Homegrown quick-grocery delivery provider Dunzo has laid off at least 30 per cent of its workforce, nearly 300 employees, after it raised $75 million in a fresh funding round.
According to sources, Kabeer Biswas, Dunzo Founder and CEO, told employees in a town-hall meeting about the latest round of layoffs.
When reached, Dunzo did not immediately comment.
The Economic Times was first to report about the development. In January, Dunzo had laid off 3 per cent of its workforce amid cost-cutting measures, as the company looked at team structures and network design to build efficiency into its teams.
The quick commerce platform will also shut down 50 per cent of its dark stores, and will now join supermarkets and other merchants.
E-commerce player Dunzo in January 2022 raised $240 million to expand its footprint in India.
The freshly-raised funds were to be used in enabling instant delivery of essentials from a network of micro warehouses while also expanding its `B2B` business vertical to enable logistics for the local merchants.
The investment was led by Reliance Retail Ventures, with participation from existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.